Tag Archives: demonitisation

With Whatsapp embracing UPI-based payments feature, there has been a lot of buzz around the digital payment platform. Unified Payments Interface has been developed by National Payments Corporation of India (NPCI). While the payment platform has been around since 2015, it received a big push after demonetisation drive in November, 2016.

Currently, all major banks in India support the UPI platform. It has also been adopted by the likes of Paytm and technology giant Google, which launched India-focused Google Tez peer-to-peer payment platform based on UPI. According to the recent data from NPCI, BHIM UPI saw 171.40 million transactions worth Rs 19,126 crore as of February, 2018.

The automated teller machine (ATM) industry wants the central bank to increase the interchange fee for ATM transactions because of the increased costs of running the channel, impact of demonetisation and a fall in transaction volumes.

Interchange fee is the fee that banks pay to each other for the use of their ATMs by other banks’ customers.

The representation is being led by the National Payments Corp. of India (NPCI), which has held discussions with public sector banks and private sector lenders separately, two people close to the development said on the condition of anonymity.

The CBI has filed an FIR against 19 companies of Tamil Nadu which sent over ₹424 crore in foreign remittances through 700 transactions in 2015. According to the CBI, unidentified officials of Punjab National Bank’s Continue reading →

NEW DELHI: On Wednesday, the finance ministry notified the issue of ₹200 currency notes, making them legal tender and paving the way for their circulation.

On April 3, Mint first reported RBI’s plan to introduce ₹200 banknotes. On July 25, Mint reported that RBI had shifted focus from printing ₹2,000 notes to ₹200 notes of which a billion were expected to be printed. Continue reading →

New Delhi : The Supreme Court asked the Centre and the Reserve Bank of India (RBI) on Tuesday to come up with a policy to offer a window to people who could not deposit their demonetised notes for legitimate reasons before last year’s December 30 deadline.

“What if someone is ill and could not deposit the money. If someone has a genuine reason, you cannot deny him the opportunity to deposit the money. You cannot be allowed to deprive a person of his money,” a bench headed by Chief Justice JS Khehar told solicitor general Ranjit Kumar. Continue reading →

Prime Minister Narendra Modi on Saturday said the government has identified over 3 lakh companies for indulging in dubious transactions after last year’s demonetisation drive.

An additional 37,000 plus shell companies involved in converting black money into white have also been traced, he said.

Hailing the note ban as a move against black money and corruption, he said data mining process to scan the record of money deposited after demonetisation was under way and promised action against defaulters with out thinking about its political implication. “Initial probe has put three lakh companies under scanner,” Modi said at an event of chartered accountants.